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#ofwat

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Public
Wen

Bringing water in England back into public ownership

There was an interesting letter in the Gruaniad that argues (concisely) that the government is being deliberately misleading about the cost of nationalising the water ‘industry’ - that well known monopoly designed to fleece English house holds and tax payers.

thepeoplescommissiononthewater

Duplicate image to include all alt.text
#Water #Nationalisation #England #Monopoly #Valuation #Labour #Ofwat

The text of a letter in the Guardian, it reads 'The environment secretary, Steve Reed, claims that water cannot be put into public ownership because it would cost £100bn, and that the government would have to raid the NHS budget to fund it (‘Broken’ water industry in England and Wales faces tighter controls under new watchdog, 21 July). This is inaccurate. The People’s Commission on the Water Sector has investigated the £100bn figure in detail and found that the costs are based on biased evidence and have no basis in law. We have also found that any temporary funds needed to refinance the water sector would be through ringfenced bonds and would not affect the NHS budget. The environment secretary should not use figures that are clearly misleading and have no bearing on the actual costs of public ownership. The £100bn figure is the regulatory capital value (RCV) of the water companies, used by Ofwat and calculated using the market value of water companies in 1989, adding capital spending and depreciation since, multiplied by the retail prices index. Two water companies listed on the stock exchange have market values around half their RCV. KKR merely offered £4bn in its takeover bid for Thames Water, which has an RCV of £21bn, before it pulled out in June.
RCV bears no resemblance to the market value of the company and should not be used as the cost of public ownership. Market value is also not the correct way to value a water company. In law, the government would simply need to pay a fair value, not market value, to take a company into public ownership. This would take into account the inadequate investment in the sewage infrastructure, the dividends paid, the high debts incurred which have weakened financial resilience, and the huge costs required to rectify the damage done under private ownership. The law ultimately has to ensure that a “fair balance” has been struck in the public interest, and “appropriate value” for secured creditors. In the case of failed water companies that have returned billions to shareholders and creditors, while leaving billions more in repair costs, this would mean paying something closer to zero for transfer into public ownership. Prof Becky Malby, Dr Kate Bayliss, Prof Frances Cleaver, Prof Ewan McGaughey The People’s Commission on the Water Sector’
Public
Geri

Just going to repeat something.

#Ofwat ALWAYS had teeth.

It could have fined any water company 10% of its turnover at any time. It chose never to do so. So what confidence do we have that this new organisation will be more effective?

Why was #WaterPrivatisation not mentioned in Cunliffe's report today

Not one word

Public *
Geri

Fergal Sharkey talks about #WaterPrivatisation

THREAD 1/5

Thur Southern Water boss doubles salary

Fri announcement of 60% increase in serious pollution incidents

YESTERDAY g'ment put together a raft of stuff which upon examination was nothing more than what the previous Tory g'ment was saying and nothing to do with this industry at all

And then Cunliffe puts out a recommendation to abolish #Ofwat but I don't think he can have that without want wanting to get rid of Environment Agency.

Public
Adam Jacobs 🇺🇦

I am not optimistic that this review of the water industry is going to bring meaningful improvements.

Given that the scope of the review explicitly ruled out nationalisation before the review even started, how can we be sure that keeping the water industry in private hands is the best option?

Especially as experience so far tells us that privatisation has failed miserably.

bbc.co.uk/news/live/c4g8dx94jr

BBC NewsScrap Ofwat, says major report, as author warns water bills will rise by 30% in five years - live updatesSir Jon Cunliffe's report into the water sector in England and Wales makes 88 recommendations - including making water meters mandatory.
#Ofwat#Water#CunliffeReport
Public
Geri

Generally, it was expected today that Steve Reed was going to announce the dismantling of #ofwat prior to John Cuncliffe's Report, but he has bottled it and the British public are stuck with the 250 people who work for Ofwat incapable of doing much

Somebody has been speaking to Mr Reed.

There are forces above Labour that run my country. I truly believe this.

#TrevorPhillips
Public
Geri

On Monday, Sir John Cuncliffe will publish his report into the state of the UK Water Industry

To get ahead of this tomorrow, Steve Reed, the Environment Secretary, will be on #BBCLauraK and #TrevorPhillips during which he will announce the closure of the tissue tiger that is #Ofwat

But what will replace it?

Isn't it high time that full nationalisation takes place? Isn't this the opportunity?

#FergalSharkey
Public
Adam Jacobs 🇺🇦

This may be the biggest ever penalty, but I'm still not convinced it's a meaningful deterrent.

First, it's only about 5% of their revenue.

Second, it fines the company, not the directors. Fining the directors personally would be a much more meaningful deterrent. Do you have a pension fund? You're probably paying this fine.

And third, it clearly didn't work as a deterrent, because if it did, they wouldn't have broken the law in the first place.

bbc.co.uk/news/articles/cgeg5v

BBC NewsThames Water fined £122.7m in biggest ever penaltyThames Water must pay a £104.5m penalty for sewage breaches and £18.2m relating to shareholder payouts.
#ThamesWater#Ofwat
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